JPMorgan analyst Sterling Auty downgraded Medidata Solutions to Neutral from Overweight with a 2019 price target of $87. The stock in afternoon trading is down 12%, or $10.47, to $77.80 following this morning's Q2 results. The inconsistency in subscription revenue growth "popped back up in the quarter," Auty tells investors in a research note. The analyst sees a road back to $87 per share, but says the 10% upside for current price levels justifies a Neutral rating. He attributes the earnings beat in Q2 to "below-the-line items" and notes that subscription revenue missed expectations.